Start-ups is exciting but remember to think long term

Hi friends,

According to the CNNMoney.com, Singapore was ranked (among top 20) the best country for start-ups in 2009 (and 2008). For all that the country is doing to spark and assist start-ups, it is surely a great acknowledgement that it comes up at the top of the rung. As for aspiring entrepreneurs this is also a good news to start their dream enterprise. Most aspiring entrepreneurs will spend much time to plan for their businesses. But not that many spend enough time to associate their new established enterprise with their personal well being and how they should optimise these two aspects.

From a business perspective, many know that there is the Business Life Cycle but not many are aware that as an individual entrepreneur, there is also this aspect called Personal Life Cycle. These two aspects are not independent but in fact very much related and corresponding to each other. Generally in both life cycles, there are the four phases of Start-up, Growth, Expansion and Decline. In each of these stages, the characteristics of the owner flow with the characteristic of his business. For example at the Start-up stage where from a business perspective, among others it requires lots of stamina and financial resources, correspondingly at that time at the personal stage, the entrepreneur also requires high energy, personal motivation, financial support. Similarly at the Expansion/Decline stage, the business has probably reached its peak and hence ready for further expansion or sale, the entrepreneur at that time would probably be thinking of retirement or choose to enjoy the fruit of his success.

What all this mean is that the entrepreneur should plan from Day One, what is required for each stage of his business and what does that mean to him from a Personal Life Cycle perspective. Each stage is different and requires different planning to achieve and sustain it. For example how should he plan so that as he grows and enjoys his fruit of labor, he also plan for his next step of the cycle? Should he consider for Business Continuity Planning, offshore planning for his wealth accumulation, succession planning, business growth strategy etc?

Failure to plan and consider each stage of the progression can cause one to be caught off guard against the unexpected. However having continuous planning creates flexibility that will be beneficial to each and every stage of the business and personal life cycle.


Looking out:

1.A franchise manager who has proven track record in F&B business.

2.A Search Engine Optimization expertise for a growing online business.


Happy planning,

KH